The Ahmedabad-based Senores Pharmaceuticals launches its ₹582.11 crore IPO today at a price band of ₹372-391. The IPO comprises a combination of fresh issue worth ₹500 crore and an offer-for-sale of up to 21 lakh shares, valued at ₹82.11 crore, by promoters and other selling shareholders. The IPO closes on December 24. The minimum lot size is 38 shares.
Up to 75 per cent of the IPO is reserved for qualified institutional buyers, 10 per cent for retail investors and the balance 15 per cent non-institutional investors.
Ahead of the IPO, the company has garnered ₹260.62 crore from anchor investors on Thursday. The company informed the bourses that it allocated 66,65,725 shares at ₹391 to anchor investors, who included foreign and domestic institutions. Among them are ICICI Prudential Mutual Fund, Aditya Birla Sun Life Insurance, Mahindra ManuLife Large & Mid Cap Fund, Bank of India Multicap Fund, Bank of India Mid & Small Cap Equity & Debt Fund, Ikigai Emerging Equity Fund, SBI General Insurance Company, Troo Capital Fund, Meru Investment Fund PCC- Cell I, Edelweiss Life Insurance Company, Astorne Capital VCC – Arven, Beacon Stone Capital VCC – Beacon Stone I, Goldman Sachs Investment (Mauritius), Ashika Global Securities, Integrated Core Strategies Asia Pte. Ltd., Societe Generale – ODI, Unity Small Finance Bank, Fortune Hands Growth Fund, and Gagandeep Credit Capital Pvt. Ltd.
The company proposes to utilise the net proceeds towards funding: Investment in one of the Subsidiaries, Havix Group, Inc. d/b/aAavis Pharmaceuticals; capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta facility; repayment/pre-payment, in full or in part, of certain borrowings; investment in the subsidiary – Havix, for repayment/pre-payment in whole or part of certain borrowings availed by it; and funding the working capital requirements of the ompany.
Besides, it will also invest in subsidiaries – Senores Pharmaceuticals Inc and Ratnatris Pharmaceutical Private Ltd – to fund their working capital requirements.
The company will also utilise funds for inorganic growth through acquisition and other strategic initiatives.
Incorporated in December 2017, Senores Pharmaceuticals Limited is a global research-driven pharmaceutical company focused on developing and manufacturing a wide range of pharmaceutical products, mainly for the Regulated Markets in the US, Canada and the UK across various therapeutic areas and dosage forms, with a presence in Emerging Markets across 43 countries. It also manufactures critical care injectables and APIs.
Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.
